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French fintech Pennylane scoops €15m as European fintech scene hots up

Pennylane was launched just before French lockdown in January last year.

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The Pennylane team/Pennylane

French accounting fintech Pennylane has bagged a €15m (£13.5m) Series A less than a year after it was first launched. 

The fledgeling fintech, which offers a comprehensive accounting service, completed its latest round with help from existing investors Global Founders Capital and Partech.

“This new round of financing will enable Pennylane to fully pursue its mission of supporting the company's management team in this context of crisis and forced digital transformation,” Arthur Waller, co-founder and CEO of Pennylane said.

“We are also taking a new step in our development by strengthening our offer with the first full-stack financial management platform, which automatically integrates all data for a clear view of the business and real-time management. For Pennylane, digital alone can do nothing, it must serve and empower managers and accountants.”

Pennylane was launched in January last year, just before the French lockdown came into force and has since generated revenues of €2m and hired 30 accountants, 15 developers and now supports over 500 customers on a daily basis. 

David Sainteff, partner at Global Founders Capital, said: "In just one year, Pennylane has proven its ability to meet a growing need of companies: accessing all its financial data in one place being a strategic asset in the midst of the economic crisis.”

“We support the idea that Pennylane will become the financial Operating System for European SMEs within the next five years. We are delighted to participate in this new round of financing, which will enable the company to roll out its offer.”

The French fintech completed a €4m seed round in May 2020, which saw participation from Global Founders Capital, Partech and Kima Ventures, an investor in the likes of Curve,Railsbank and TransferWise.

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